Single-family rental companies turn to Opendoor, Offerpad for new inventory
With the market stalling, Invitation Homes and its peers are looking anywhere they can Single-family rental (SFR) companies like Invitation Homes and American Homes 4 Rent, which got their start by buying homes out of foreclosure in the aftermath of the 2008 housing collapse, have had a harder time finding new rental properties to buy since the housing market has recovered.
The so-called ?iBuyers,? tech companies that buy homes from motivated sellers and then flip them to a new owner after renovating it, are faced with a challenge: selling renovated homes in a market where home prices have been pushed beyond people?s capacity to pay. This leads to homes lingering on the market.
SFR companies needing to buy and iBuyers needing to sell has resulted in a temporary marriage of convenience, according to new data from ATTOM Data Solutions, a leading real estate data provider. SFR purchases of homes from iBuyers rose from just 3.9 percent of total iBuyer sales in 2016 to 9.6 percent thus far in 2018, with a total of 743 iBuyer sales to SFR companies this year. ?It?s not exactly a perfect marriage, but it may be becoming a better fit because SFR operators are more hungry for inventory, and demand may be weakening somewhat from owner-occupants as mortgage rates rise,? said Daren Blomquist, senior vice president at ATTOM.
The rise of institutional SFR companies has been one of the most significant developments in the real estate industry since 2008. Lead by the private equit...
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